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70 years of US corporate profits 美国公司 70 年的利润
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-07-01 DOI: 10.1016/j.jcorpfin.2024.102622
Simcha Barkai , Seth G. Benzell
{"title":"70 years of US corporate profits","authors":"Simcha Barkai ,&nbsp;Seth G. Benzell","doi":"10.1016/j.jcorpfin.2024.102622","DOIUrl":"https://doi.org/10.1016/j.jcorpfin.2024.102622","url":null,"abstract":"<div><p>We construct and compare aggregate measures of profits for the U.S. non-financial corporate sector over the period 1946–2016. The measures commonly show that the profit share is declining from 1946 to the early 1980s and has been increasing since. As a share of gross value added, profits today are higher than they were in 1984, but lower than their value in the years after World War II.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102622"},"PeriodicalIF":7.2,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141593269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Dynamic incentive contracts for ESG investing 环境、社会和治理投资的动态激励合同
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-06-27 DOI: 10.1016/j.jcorpfin.2024.102614
Yuqian Zhang , Zhaojun Yang
{"title":"Dynamic incentive contracts for ESG investing","authors":"Yuqian Zhang ,&nbsp;Zhaojun Yang","doi":"10.1016/j.jcorpfin.2024.102614","DOIUrl":"https://doi.org/10.1016/j.jcorpfin.2024.102614","url":null,"abstract":"<div><p>We develop a continuous-time model in which an ESG investor hires a manager to run a project and incentivizes the manager to fulfill ESG responsibilities. The manager’s private efforts and ESG investing determine the project’s cash flow and ESG performance subject to random shocks. We derive the optimal contract and its implementation after introducing carbon credits following the cap-and-trade program in practice. We provide comparative static analysis and empirical implications. The results demonstrate that ESG investing enhances contract efficiency. The more significant the carbon emission reduction, or the less the cost of ESG investing, the higher the contract efficiency, the average <span><math><mi>q</mi></math></span>, the marginal <span><math><mi>q</mi></math></span>, and the optimal investment–capital ratios, implying that ESG investing mitigates inefficiencies arising from information asymmetry and enhances investment values. Our model predictions are partially verified by empirical facts.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102614"},"PeriodicalIF":7.2,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141542727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mergers and acquisitions with private equity intermediation 以私募股权为中介的兼并与收购
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-06-26 DOI: 10.1016/j.jcorpfin.2024.102611
Swaminathan Balasubramaniam , Armando Gomes , SangMok Lee
{"title":"Mergers and acquisitions with private equity intermediation","authors":"Swaminathan Balasubramaniam ,&nbsp;Armando Gomes ,&nbsp;SangMok Lee","doi":"10.1016/j.jcorpfin.2024.102611","DOIUrl":"10.1016/j.jcorpfin.2024.102611","url":null,"abstract":"<div><p>We develop a search model of mergers and acquisitions (M&amp;A), intermediated by private equity (PE) funds which may face pressure to sell. The selling pressure leads to the development of a secondary buyout (SBO) market, enabling PE funds to bail each other out. Interestingly, an increase in the number of PE funds can improve each fund’s value, because the enhanced benefits of SBOs can prevail over the reduction in value from narrower buy-sell spreads due to more intense competition. We calibrate the model using data for the US middle market and find that PE funds could lose 64% of their valuation without SBOs. Moreover, the increase in the number of funds from 2000 to 2017 contributes to a 48% increase in fund valuation due to the complementarity among funds. Nevertheless, our model predicts that this mechanism might have peaked in 2021, and more PE funds could decrease their value.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102611"},"PeriodicalIF":7.2,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0929119924000737/pdfft?md5=9c9d9972c36d4a95ca24625c1b0213c8&pid=1-s2.0-S0929119924000737-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141636817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Signaling through timing of stock splits 通过股票拆分时机传递信号
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-06-26 DOI: 10.1016/j.jcorpfin.2024.102610
Maria Chiara Iannino , Min Zhang , Sergey Zhuk
{"title":"Signaling through timing of stock splits","authors":"Maria Chiara Iannino ,&nbsp;Min Zhang ,&nbsp;Sergey Zhuk","doi":"10.1016/j.jcorpfin.2024.102610","DOIUrl":"https://doi.org/10.1016/j.jcorpfin.2024.102610","url":null,"abstract":"<div><p>We develop a dynamic structural model of stock splits, in which managers signal their private information through the timing of the split decisions. Our approach is consistent with the empirical evidence which shows that the majority of stock splits have a 2:1 ratio of old-to-new shares, but are announced at various pre-split price levels. Moreover, it explains why split announcement returns are decreasing with the pre-split price. In addition, by matching the model to the data, we estimate the nominal share price preferences of investors and decompose the split announcement return into the value of new information and the signaling cost.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102610"},"PeriodicalIF":7.2,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0929119924000725/pdfft?md5=e28a64803ba1a4c77be63e5b2c3399a1&pid=1-s2.0-S0929119924000725-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141593271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The real impacts of public short campaigns: Evidence from stakeholders 公共宣传短片的实际影响：利益相关者提供的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-06-26 DOI: 10.1016/j.jcorpfin.2024.102624
Claire Liu , Angie Low , Talis Putnins
{"title":"The real impacts of public short campaigns: Evidence from stakeholders","authors":"Claire Liu ,&nbsp;Angie Low ,&nbsp;Talis Putnins","doi":"10.1016/j.jcorpfin.2024.102624","DOIUrl":"10.1016/j.jcorpfin.2024.102624","url":null,"abstract":"<div><p>Using a novel dataset of firm product introductions, we examine whether public short campaigns (PSCs) have real impacts on targets. Targets introduce fewer new products and experience declines in productivity and product quality relative to matched firms following PSCs. These declines in product outcomes are partly attributed to the withdrawal of support from key stakeholders, resulting in reduced access to external capital, decreased employee commitment, and weakened customer relationships. Our results suggest that the public nature of PSCs has distinctive impacts on target firms compared to traditional short selling, primarily through their impact on the firm's stakeholders.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"88 ","pages":"Article 102624"},"PeriodicalIF":7.2,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0929119924000865/pdfft?md5=d03c0b8efe40331ecf2ee53db17de9b5&pid=1-s2.0-S0929119924000865-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141732427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Seeking efficiency or price gouging? Evidence from pharmaceutical mergers 追求效率还是哄抬价格？医药兼并的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-06-25 DOI: 10.1016/j.jcorpfin.2024.102623
Mosab Hammoudeh , Amrita Nain
{"title":"Seeking efficiency or price gouging? Evidence from pharmaceutical mergers","authors":"Mosab Hammoudeh ,&nbsp;Amrita Nain","doi":"10.1016/j.jcorpfin.2024.102623","DOIUrl":"https://doi.org/10.1016/j.jcorpfin.2024.102623","url":null,"abstract":"<div><p>We examine the impact of mergers on drug prices and document significant differences between the post-merger pricing strategies of highly innovative pharmaceutical firms and other firms. While the former raise prices of overlapping drugs, especially brand name drugs that tend to be first-in-class and patented, we find pervasive evidence of price reductions by generic manufacturers. Our evidence suggests that the price reductions are due to cost cuts realized by less innovative firms in overlapping product spaces. We also show that less innovative acquirers cut R&amp;D and shift product development from high-novelty products to cheaper, less-risky products.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102623"},"PeriodicalIF":7.2,"publicationDate":"2024-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141593270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Aggregate productivity, leased capital and market participation 综合生产力、租赁资本和市场参与
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-06-24 DOI: 10.1016/j.jcorpfin.2024.102621
Linqing You
{"title":"Aggregate productivity, leased capital and market participation","authors":"Linqing You","doi":"10.1016/j.jcorpfin.2024.102621","DOIUrl":"10.1016/j.jcorpfin.2024.102621","url":null,"abstract":"<div><p>The operating lease accounts for a large fraction of firms’ total productive physical capital and it is important for firms’ investment and real production. Empirical facts show that the aggregate productivity measure is an overestimation without considering leased capital (<span><span>Hu et al., 2024</span></span>). In this paper, I explore the effect of leased capital on aggregate productivity in general equilibrium. Leased capital can directly alleviate collateral constraints and mitigate capital misallocation, boosting aggregate productivity (<span><span>Hu et al., 2020</span></span>). However, leasing can lead to an increased demand for labor, driving up wages, which results in a decrease in the number of producing firms and their optimal capital scale. These indirect effects can lead to a decline in aggregate productivity. Quantitatively, the indirect effects dominate the direct effects with counterfactual leasing-improved policy, and thus aggregate productivity with leased capital decreases.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102621"},"PeriodicalIF":7.2,"publicationDate":"2024-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141622429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate insider purchases and the options market: Competition among informed investors 公司内幕交易与期权市场：知情投资者之间的竞争
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-06-17 DOI: 10.1016/j.jcorpfin.2024.102613
Byounghyun Jeon , Johan Sulaeman
{"title":"Corporate insider purchases and the options market: Competition among informed investors","authors":"Byounghyun Jeon ,&nbsp;Johan Sulaeman","doi":"10.1016/j.jcorpfin.2024.102613","DOIUrl":"https://doi.org/10.1016/j.jcorpfin.2024.102613","url":null,"abstract":"<div><p>Corporate insiders have superior access to information; their trades, particularly purchases, should be informative. However, the extent of their informational advantage may be limited by the presence of other informed market participants. We document less frequent insider purchases in stocks with relatively high options trading activity. These purchases are followed by negligible abnormal returns. In contrast, stocks with less active options trading experience more frequent insider purchases, which yield positive abnormal returns over the subsequent six months. Our novel approach highlights the options market's role in screening uninformed insider trades, which ultimately contributes to more efficient stock market price formation.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102613"},"PeriodicalIF":7.2,"publicationDate":"2024-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141434556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Political determinants of privatizations in China: A natural experiment based on politician career concerns 中国私有化的政治决定因素：基于政治家职业关切的自然实验
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-06-17 DOI: 10.1016/j.jcorpfin.2024.102620
Zhangkai Huang , Jinyu Liu , Guangrong Ma , Lixin Colin Xu
{"title":"Political determinants of privatizations in China: A natural experiment based on politician career concerns","authors":"Zhangkai Huang ,&nbsp;Jinyu Liu ,&nbsp;Guangrong Ma ,&nbsp;Lixin Colin Xu","doi":"10.1016/j.jcorpfin.2024.102620","DOIUrl":"https://doi.org/10.1016/j.jcorpfin.2024.102620","url":null,"abstract":"<div><p>We study the political determinants of the world's largest privatization program by exploiting an age-related discontinuity of politician promotion in China. As a local politician's age exceeds 58, his promotion likelihood quickly diminishes. Consistent with changes in the politician's incentives, we find that Chinese cities whose top officials were older than age 58 were less likely to privatize local state-owned enterprises. Using the promotion discontinuity as an instrument, we report that privatization has significant effects on the firm's efficiency.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102620"},"PeriodicalIF":7.2,"publicationDate":"2024-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141542726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do investors benefit from MiFID II unbundling? 投资者是否受益于 MiFID II 的分拆？
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-06-16 DOI: 10.1016/j.jcorpfin.2024.102615
Emelie Fröberg , Michael Halling
{"title":"Do investors benefit from MiFID II unbundling?","authors":"Emelie Fröberg ,&nbsp;Michael Halling","doi":"10.1016/j.jcorpfin.2024.102615","DOIUrl":"10.1016/j.jcorpfin.2024.102615","url":null,"abstract":"<div><p>The MiFID II regulation led to the unbundling of research and execution costs in Europe starting in 2018. We exploit the early adoption of an unbundling rule in Sweden in 2016 to provide evidence on the implications of unbundling for fund investors. Using a difference-in-differences framework and hand-collected data on bundled and unbundled commissions, we find no economically meaningful effect of unbundling on commissions. When we split the sample into more active and less active funds, we find that fund costs of more active funds increased in relative terms. Finally, we do not find evidence that the increased transparency of observing execution and research costs led to improved fund performance or information gains for investors’ fund selection process. Overall, our results suggest that investors did not significantly benefit from the unbundling of commissions.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102615"},"PeriodicalIF":7.2,"publicationDate":"2024-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141393176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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